Tuesday, November 30, 2010

Stocks stage an afternoon comeback

(CNNMoney.com) -- After tumbling early Monday morning, stocks bounced back to end the session still down, but much closer to breakeven.

The Dow Jones industrial average (INDU) fell 40 points, or 0.4%, closing the session at 11,052, according to early tallies. The S&P 500 (SPX) fell 2 points, or 0.1%, and the Nasdaq (COMP) lost 9 points, or 0.4%.

Stocks had fallen nearly 1.5% earlier in the session, sending the Dow temporarily below 11,000, but they bounced back from those lows late in the afternoon.

"I think this is a trader's market. It was a little bit sleepy this morning, but now stocks are going to come back the other way," said Rich Ilczyszyn, a market strategist with futures-broker Lind Waldock.

Ilczyszyn expects stocks to be stuck in a tight range for the last few days of the month, as traders look to close out their bets, with as much profit as possible. (more)

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